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Andhra Bank Personal Loan

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Get Andhra Bank Personal Loan at lowest interest rates

  • Loan Amount: Upto Rs. 5 lakh
  • Processing Fees: As Per Agreement

Looking for a Personal Loan? Get Assured Cashback, upto 100%* of your loan amount

Apply for Personal Loan Starting From 10.50%*

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Paisabazaar Personal Loan Cashback Offer
Terms and Conditions

What is the Offer?

Paisabazaar Personal Loan Cashback Offer (“Offer”) will allow customers to participate in this offer by applying for Personal Loan on the Website i.e. www.paisabazaar.com or mobile application (“Website”). To Participate in this Offer, customers need to apply/ fill in application for a Personal Loan on the Website between 00:00:00 hours 26th June, 2021 to 23:59:59 hours 31st July, 2021 (“Eligibility Period”). Once the Personal Loan is disbursed and confirmed by the bank, the customer will be eligible for the Offer. This Offer is launched and offered solely at the discretion of Paisabazaar. By your access and participation in the Offer, you agree to be bound by the terms described herein and all the terms incorporated by reference. This Offer shall also be governed by Terms of Use, Privacy Policy as displayed on the Website.

Under this Offer:

- 1 lucky winner will get up to 100% of his Personal Loan amount disbursed as Cash back (Maximum cashback will be INR 5,00,000). For e.g. If your Personal loan amount disbursed within the specified period is 7,00,000/-; you will be eligible for maximum Cashback of INR 5,00,000). If your Personal loan amount disbursed is 3,00,000/- or 5,00,000/- lakh you will be eligible for upto 100% cashback of your Personal Loan amount i.e. 3,00,000/- or 5,00,000/- respectively

- 2 lucky winners will get 1 lakh cashback

- 3 lucky winners get 50,000/- cashback

- 10 lucky winners get 10,000/- cashback

- Others get 1000/- cashback

Offer Eligibility

To receive benefits under this Offer:

1. Customer should have applied for Personal Loan on the Website between 00:00:00 hours 26th June 2021 to 23:59:59 hours 31st July 2021.

2. The Personal loan should be disbursed to the customer on or before 23:59:59 hours 31st August 2021

3. Only for salaried customers

4. Minimum Personal Loan amount should be INR 1,00,000

5. Where the Customer has applied for more than one Personal Loan application during the Eligibility Period, the Customer will be eligible for cashback under this Offer for Personal Loan applied first during the offer period/ Eligibility Period.

6. Customers availing/ availed Personal loan under any Pre-Approved offer or No income document offer on the Website will not be eligible for benefits under the Offer.

2. How does the customer get cashback?

For cashback below INR 10,000

-- The customer shall be eligible for cashback in the form of ‘Cashback’ voucher(s) on successful Personal Loan disbursal. The voucher shall be sent only on the registered mobile number & email entered by the customer while applying for the Personal Loan on the Website

* No other mobile number or email ID shall be considered for sharing voucher details

For Cashback equal to or more than INR 10,000

- The Cashback would be paid through online transfer to the customer’s bank account

- Customers shall share their Pan Card, Cancelled Cheque with Paisabazaar to avail the applicable cashback under this Offer

- 30% TDS would be deductible on the Cashback amount equal to or more than INR 10,000

- Any communication under this Offer will be done by or at 1800 208 8877 or cashback@paisabazaar.com

3. When will customers get cash back?

The cashback would be given to the selected eligible Customers between 1st October 2021 to 31st October 2021 post confirmation received from the disbursal bank.

4. How will the amount for cashback and winners be decided?

1. The Customer who applied for Personal loan through the Website during the Eligibility Period and subsequent disbursal would be eligible for a guaranteed cashback during under the Offer in accordance with the Cashback slabs as mentioned.

2. For cashback amount for more than INR 1,000 and up to INR 5,00,000 the following process would be followed

- All the eligible customers would be a part of a “Luck Draw” to be held on 15th September 2021

- Winners would be decided by randomly selecting the eligible customers by way of Lucky Draw for cashback up to 100% of their loan amount (Upper Limit: INR 5,00,000)

- The lucky draw would happen live through webinar and recorded

PRELIMINARY TERMS & CONDITIONS

1.Minimum loan amount disbursed to be INR 1,00,000/- or above to be eligible for this Offer.

2. This offer (“Offer”) is being run on www.paisabazaar.com including Paisabazaar mobile application (collectively “Website”), which is owned and operated by Paisabazaar Marketing and Consulting Private Limited (“Paisabazaar”, “We” or “Our”).

3. By participating in this Offer, the user (“Customer”, “You” or “Your”) agrees to be bound by these terms and conditions (“T&C”); and shall also be governed by the Terms of Use, Privacy Policy as displayed on the Website. The terms and conditions as may be applicable on gift cards including Electronic Gift Vouchers, and other relevant documentation including any modifications, alterations or updates thereof, that are published on the Website.

4. *Amazon.in is not a sponsor of this Offer. Amazon Pay Gift Cards ("GCs") are issued by QwikCilver Solutions Private Limited (“QwikCilver”). GCs may be used only for the purchase of eligible products/services on Amazon.in or other partner sites. GC balances must be used within 1 year of the date of purchase/activation and any unspent balance shall expire in 1 year from the date of purchase. GCs cannot be transferred for value or redeemed for cash. QwikCilver, Amazon Seller Services Private Limited (“Amazon”) or their affiliates are not responsible if a GC is lost, stolen, destroyed or used without permission. To redeem your GC, visit www.amazon.in/addgiftcard. For complete terms and conditions, see www.amazon.in/giftcardtnc. All Amazon ®, ™ & © are IP of Amazon or its affiliates

5. All applicable terms and conditions of the individual loan disbursing banks/ NBFCs/ Fintechs.

6. To participate in the Offer, You must do/ fulfill the following:

a) The Customer shall be citizen of India and must be 18 years or above holding a valid PAN;
b) Apply for a Personal Loan on the Website and the Loan amount shall be disbursed by the respective bank/NBFC/ Fintech against customer’s application through the Website between 00:00:00 hours 26 th June, 2021 to 23:59:59 hours 31st August, 2021..

7.The participation in the Offer is voluntary and by participating, you are deemed to have read, understood and accepted these terms and conditions

8.These terms and conditions in anyway do not alter the terms and conditions that you may have agreed for availing a service offered by Paisabazaar. In case of a conflict between these terms and Terms of Use as displayed on the Website, the latter shall prevail to the extent of such conflict

9.You acknowledge and confirm that you are aware of the nature of telecommunications/ internet services and that an email transmission may not be received properly and may be read or be known to any unauthorized persons. You agree to assume and bear all the risks involved in respect of such errors and misunderstandings and Paisabazaar shall not be responsible in any manner.

10.By participating in this Offer, it would be deemed that you have given Paisabazaar /Paisabazaar partners your consent to contact You through call, SMS or email on the details provided by You for the purpose of this Offer and other Paisabazaar service offerings.

11.Electronic Gift Vouchers ’EGVs’ are not transferable. All the Terms and conditions for Gift Cards listed on www.amazon.in/giftcardtnc shall be applicable.

12. You are solely responsible for the safety and security of the EGVs. Paisabazaar/Loan disbursing bank/NBFC/Fintech is not responsible for any acts of omission or commission if the EGV is lost, stolen or used without permission.

GENERAL TERMS & CONDITIONS

1.This Offer is exclusive for Paisabazaar customers and is not sponsored by banks/NBFCs/Fintechs.

2.It is understood and agreed that by mere participation to the Offer doesn’t not entitle the participant to claim the benefits/ prizes under this Offer. The participant should be a selected/ declared winner by Paisabazaar in conformity with the terms herein, to claim the benefits/ prizes.

3. The Offer is open to only end consumers and not to resellers.

4. This Offer is applicable on all personal loans available on Website except preapproved and pre- qualified personal loan offers.

5. This offer is not applicable for the employees of Paisabazaar and any of its group companies.

6. The EGV shall not be settled with cash in lieu by Paisabazaar, and is not transferable.

7. Paisabazaar can update, change and modify these terms without prior notice along with any FAQs or guidelines that may have been issued pertaining to the Offer, at any time and in its sole discretion.You shall not hold Paisabazaar, its group entities, or affiliates, their respective directors, officers, employees, agents, vendors, responsible for or liable for, any actions, claims, demands, losses, damages, costs, charges and expenses for a claim to have suffered, sustained or incurred, or claims to suffer, sustain or incur, by way of and/or on account of various offers offered under the Offer.Paisabazaar may suspend or terminate the Offer or your ability to participate in this Offer at any time for any reason. We reserve the right to take strict administrative or legal action, termination of your participation in the Offer, if we notice any activity that we believe is including but not limited to abusive, fraudulent, any attempt to take unfair advantage of the Offer and/or is in violation of the these terms, Terms of Use, and Privacy Policy of the Website. We reserve the right to review and investigate all activities pertaining to your action with respect to Offer and/or modify the Offer in our sole discretion as deemed fair and appropriate to us.In matters relating to the Offer hereto, the decision of Paisabazaar will be final and binding in all respect

8. The Offer and the related EGV are subject to availability.

9. Paisabazaar does not guarantee the disbursal of Personal Loan in any manner whatsoever. The decision of the loan disbursing banks/NBFCs/Fintechs will be final and binding in this regard.

10. The Offer is non-transferable and non assignable.

11. The Offer shall be and is available in accordance with applicable laws and shall not be available wherever it is prohibited under law.

12. Any tax or other liabilities or charges payable to the government or any other statutory authority/body or any participating establishment, which may arise or accrue to the customer due to provision of the Offer, shall be to the sole account of the customer

13. Participants are not bound in any way to participate in this Offer. Any participation is voluntary and the Offer is being made purely on a best effort basis.

14. The Offer shall be subject to force majeure events and on occurrence of such an event, the Offer may be withdrawn at the discretion of Paisabazaar

15. Paisabazaar shall not be responsible for any loss, injury or any other liability arising due to participation by any person in this Offer.

16.You hereby agree to indemnify, defend and keep Paisabazaar harmless against all damages, liabilities, costs, expenses, claims, suits and proceedings (including reasonable attorney’s fee) that may be suffered by Paisabazaar as a consequence of:

(i) violation of terms of this T&C by You;

(ii) violation of applicable laws;

(iii) any action or inaction resulting in wilful misconduct or negligence on Your part.

17. This T&C shall be governed in accordance with the applicable laws in India. Courts in Gurugram (Haryana) shall have the exclusive jurisdiction to settle any dispute that may arise under this T&C. Any query regarding this Offer will be entertained only till October 31st, 2021. Post such date Paisabazaar will not entertain any correspondence or communication regarding this Offer from any persons.

18. By participating in this Offer, you are deemed to have read, understood and accepted these Terms and Conditions.

19.If any provision of these terms is found to be invalid or unenforceable by a court of competent jurisdiction, such provision shall be severed from the remainder of these terms, which will otherwise remain in full force and effect.

20.This document is an electronic record in terms of Information Technology Act, 2000 and the Rules there under as applicable and the amended provisions pertaining to electronic records in various statutes as amended by the Information Technology Act, 2000. This electronic record is generated by a computer system and does not require any physical or digital signatures

Updated: 23-03-2021 12:13:29 PM
Note: As of 1st April, 2020, Andhra Bank has been merged with Union Bank of India and no longer operates as a separate entity. Please check the Union Bank of India personal loan page for updated information.

 

Andhra Bank personal loan is offered with zero foreclosure charges and competitive interest rates based on the external benchmark called the RBI repo rate. Being part of the repo linked lending rate (RLLR) regime, the transmission of rate cuts/increases is expected to be transmitted faster to personal loan borrowers of Andhra Bank. In the following sections, details of personal loans from Andhra Bank will be discussed.

 

Features of Andhra Bank Personal Loan

Minimal Documentation: Andhra Bank personal loan can be availed with need for minimum number of documents. Generally a proof of identity, a proof of address and a proof of income are sufficient to apply for a personal loan.

Diversity: Andhra Bank offers personal loan to cater financial needs of different groups of people, ranging from salaried individuals to self-employed applicants, professionals, LIC agents and pensioners.

Flexible Loan Tenure: You can repay the loan amount as per your convenience in up to 60 months.

Floating Rate of Interest: Andhra Bank personal loan interest rate is linked to repo rate and interest is calculated using the reducing balance method. This effectively lowers the total interest payout, which makes the Andhra personal loan offer more lucrative for borrowers.

Andhra Bank Personal Loan Interest Rates

The following are the personal loan interest rates as offered by Andhra Bank:

Type of Personal Loan Rate of Interest (p.a.)
Clean Loan11.20% onwards
Consumer Durables Loan11.70% onwards
Secured Personal Loans (against KVP, NSC, LIC Policy)13.15% onwards

Types of Andhra Bank Personal Loan

Andhra Bank offers 3 types of personal loans:

1. Andhra Bank Clean Loan

  • What is it? – Unsecured loan offered to individuals to meet their credit requirement for personal purposes.
  • Who is eligible? – Offered to salaried individuals, non-salaried individuals, pensioners and LIC agents.
  • Loan Amount – Variable as per individual applicant’s profile.
For Salaried IndividualsLoan amount after considering all deductions including EMI of the proposed loan should be at least 40% of the gross salary.
For Non-Salaried IndividualsUp to 2 times of average annual proven income*
For Pensioners

(maximum loan amount of Rs. 5 lakh)

 

Up to 8 times of the monthly pension.
For LIC Agents

(maximum loan amount of Rs. 2 lakh)

l  Liable to file ITR: Up to 2 times of average renewal commission for the last 3 years.

l  Not liable to file ITR: Up to 50% of average renewal commission as per the statement of income.

*Calculated as average of last 3 years annual income shown in IT returns or assessment orders.

Key features:

  • Loan Tenure – Loan can be paid over a maximum period of 60 months (5 years)
  • Co-obligation – Requires an acceptable third party as a co-borrower.
  • Collateral Security – No collateral needs to be pledged to avail this loan.
  • Interest rate varies based on loan tenure and applicant type as follows:
 

 

Loan Tenure

Rate of Interest

State and Central Government Employees, Employees of public sector undertakings with Andhra Bank salary accounts and PensionersOthers
Up to 36 months

 

RLLR + 3.00%RLLR + 3.50%
More than 36 months to 60 monthsRLLR + 3.25%RLLR + 4.50%

RLLR: Repo Linked Lending Rate

2. Andhra Bank Consumer Loan

  • What? – Loan offered for purchase of consumer durables and home appliances
  • Who? – Any individual with repayment capacity, including salaried individuals, pensioners and others.
  • Loan Amount – 75% of the cost of the article or as per the following table, whichever is lesser.
For Salaried IndividualsUp to 10 month gross salary
For Non-Salaried IndividualsUp to 40% of gross annual income
For PensionersUp to 4 months’ pension
  • Loan Tenure – Up to 60 months (5 years)
  • Co-obligation – Husband/ father or any third party with a regular and sufficient source of income acceptable to the bank.
  • Security – Article purchased with the loan amount can be hypothecated, i.e.,can be seized if you fail to repay the loan amount.
  • Collateral Security – Life insurance policy with an equivalent surrender value or shares/ NSCs/ Units of sufficient value.
  • Interest rate for the consumer loan from Andhra Bank are as follows:
 

 

Loan Tenure

Rate of Interest

State and Central Government Employees, Employees of public sector undertakings with Andhra Bank salary accounts and PensionersPrivate Employees, non-salaried class, LIC agents and others
Up to 36 months

 

RLLR + 4.40%RLLR + 3.50%
More than 36 months to 60 monthsRLLR + 5.40% + 0.25%RLLR + 5.40% + 0.25%

RLLR: Repo Linked Lending Rate

3. Andhra Bank Loan against NSC/KVP/LIC Policy

  • What? – Secured personal loan to meet any personal credit requirement.
  • Who? – Individuals with appropriate security instruments.
  • Loan Amount – Up to Rs. 50,000 without a third party guarantee and above Rs. 50,000 with a third party guarantee.
  • Types of Securities Accepted – National Savings Certificate (NSC), Kisan Vikas Patra (KVP), Life insurance policies or any other security as specified by the bank.
  • Restrictions – NSCs and KVPs issued by far off post offices, Indira Vikas Patra (IVP), and life insurance policies in the name of the third party are not accepted as a security to avail the loan.
  • Margin – Please note that the bank maintains a margin of 25% over the value of the security (including the interest) before sanctioning the loan amount. For example, if your NSC is worth Rs. 1 lakh, the bank will maintain a margin of 25% and approve a loan up to Rs. 75,000 only.
  • Loan Tenure – Up to 60 months (5 years).
  • Interest rates for this Andhra Bank personal loan are as follows:
Loan TenureRate of Interest
Up to 36 monthsRLLR + 4.95%
More than 36 months to 60 monthsRLLR + 4.95% + 0.25%

RLLR: Repo Linked Lending Rate

Eligibility Criteria

The following are the key eligibility criteria applicable to different types of Andhra Bank personal loan:

1. Andhra Bank Clean Loan

Agel  Up to 75 years for pensioners

l  Up to 55 years for LIC agents

Co-obligationl  A third party acceptable to the bank.

l  Family pensioner or a nominee, in case of pensioners.

l  One of the family members or spouse and 1 LIC agent, in case of an LIC agent

2. Andhra Bank Consumer Loan

Who?Any individual with repayment ability including salaried individuals, pensioners and others.
Co-obligationHusband or father or any other Andhra Bank approved third party with a sufficient and regular source of income

3. Andhra Bank Secured Loan

CollateralLife insurance policy/ shares/ NSCs/ Units of sufficient value

Documents Required for Loan Application

  • Duly filled Andhra Bank personal loan application form
  • Photographs of the applicant and the co-applicant
  • Proof of income of the applicant and the co-applicant
  • Post-dated cheques (PDCs) for a minimum period of 12 months/ECS Mandate
  • Bank account statement for last 6 months

Additional Documents Required for Consumer Loan

  • Latest original quotation from a local dealer for consumer durables proposed to be purchased with full details of the article.
  • Stamped receipt or invoice of the item purchased.

Additional Documents Required for Loan Against NSC/KVP/ LIC Policy

  • Loan against NSC/KVP: Original bond along with request letter to Post Office for using the security in favour of bank.
  • Loan against LIC policy: Original bond with a copy of latest receipt towards payment of premium along with request letter to LIC for assignment of the policy in favour of bank.

How to Apply for Andhra Bank Personal Loan with Paisabazaar?

How to Apply for Andhra Bank Personal Loan with Paisabazaar?

You can apply for Andhra Bank personal loan with Paisabazaar platform without the hassle of visiting individual bank websites. The platform allows you to compare and choose the most suitable loan offer.

Step 1: Provide your personal details, such as occupation type, monthly income and the desired loan amount in the form given at the top of this page and click proceed.

Step 2: Provide your company details, PAN and work experience in the subsequent form and click “Proceed”.

Step 3: A list of personal loan offers will be displayed as per the chances of approval. Select the personal loan offer that best suits your need.

Step 4: Get your loan application conditionally e-approved instantaneously by submitting your application on the Paisabazaar platform.

Personal Loan Application Verification Process

Once you submit your personal loan application form, the lender starts the verification process to evaluate your profile. This verification process generally involves the following steps:

Step 1: You submit your loan application to the lender on Paisabazaar.com. A lender representative calls you to verify application details and to schedule a document pick-up

Step 2: After pickup of documents, the document verification process is initiated by the prospective lender.

Step 4: Lender approves the loan application upon successful document verification.

Step 5: You sign the loan agreement and the lender disburses the loan amount.

Check Andhra Bank Personal Loan Application Status

Step 1: Visit the Andhra Bank Loan Application Tracking Portal.

Step 2: Enter your loan application reference number, security code and click “Check Status”.

Fees and Other Charges

Processing FeeNominal as per the guidelines in force
Administrative ChargesCollected at the end of every quarter as per the bank’s guidelines
Part Prepayment ChargesNil*
Foreclosure ChargesNil*

*For Loan Against NSCs, KVPs and LIC Policies, prepayment charges may apply.

How to Login on Andhra Bank Portal?

For First Time Users

Step 1: Visit Andhra Bank internet banking portal.

Visit Andhra Bank internet banking portal

Step 2: Click “Register for Internet Banking”. The following web page will appear.

Step 2: Click “Register for Internet Banking”. The following web page will appear.

Step 3: Enter your customer ID, the required access type and the verification code. Moreover, select the checkboxes if your mobile number is registered with the bank and you have a valid ATM card of Andhra Bank.

Step 4: Lastly, click “Continue” to register yourself at the internet banking portal of Andhra Bank.

For Existing Users

Step 1: Visit the Andhra Bank internet banking portal.

Step 2: Enter your user ID, password, verification code and language to login the Andhra Bank portal.

Andhra Bank Personal Loan Statement

You can access the statement of personal loan from Andhra Bank in the following ways:

  • By contacting the bank’s customer care department.
  • Check your loan account statement on the Andhra Bank internet banking portal.
  • Make an in-person visit at a nearby branch of Andhra Bank.

Andhra Bank Personal Loan EMI Calculation

The following is a calculation of equated monthly installment (EMI) for various types of Andhra Bank personal loan amount, interest rate and tenure:

Loan Amount (Rs.) and Interest Rate

Monthly EMI Payout (Rs.)

1-year loan tenure2-year loan tenure3-year loan tenure4-year loan tenure5-year loan tenure
3 lakh @ 12% p.a.26,65414,1229,9647,9006,673
4 lakh @ 14% p.a.35,91419,20513,67110,9309,307
5 lakh @ 15% p.a.45,12924,24317,33213,91511,894

Comparison of Andhra Bank PL vs. Other Lenders

 

Comparison Criteria

Andhra BankAxis BankCitibankICICI BankState Bank of India
Interest Rate11.20% onwards12-24%10.50% onwards11.25-22.00%10.50% onwards
Tenure

 

12 to 60 months12 to 60 months12 to 60 months12 to 60 months12 to 72 months
Processing FeesAs per individual applicant profileUp to 2% of loan amount sanctionedUp to 3% of loan amount sanctionedUp to 2.25% of loan amount sanctionedUp to 1% of loan amount sanctioned
Foreclosure ChargesNilNilUp to 5% of principal prepaidUp to 5% of principal prepaidUp to 3% of principal prepaid

Andhra Bank Customer Care

The following are the different ways to reach the customer care department of Andhra Bank:

  • Toll Free Number: 1800-425-1515
  • Telephone Number: 040-23234313, 23252000; Extensions: 2422, 2577
  • Fax: 23232419
  • E-mail ID: customerser@andhrabank.co.in
  • Digital Assistant (Chatbot): You may contact Andhra Bank’s digital assistant called “ABHi” to seek an instantaneous answer to your queries.

NOTE: The customer care numbers are operational between 10:00 AM to 5:00 PM on all working days, except 2nd and 4th Saturdays.

For Complaints

The following are different ways that you can register a complaint with Andhra Bank customer care:

  • SMS: Send an SMS “UPSET” to 9666606060. You will instantaneously receive an acknowledgement after sending this SMS, subsequent to which you will receive a call from the Andhra Bank Call Centre. The concerned branch/office will then take the necessary steps to resolve your complaint.
  • Proforma of Complaint: Alternatively, you can fill the online complaint form and submit it to the concerned branch.
  • If you are not satisfied with the branch reply, contact Andhra bank nodal officer via filling out the customer complaint form.
  • If you are still not satisfied after receiving the Nodal Officer’s response, contact the Head Office of Andhra Bank at the following address:

The Assistant General Manager
Andhra Bank, Customer Service Department,
Head Office, Dr. Pattabhi Bhavan,
5-9-11, Saifabad,
Hyderabad – 500004
Phone:  040  23297899

Benefits of Applying for a Personal Loan at Paisabazaar

  • Paisabazaar platform displays multiple loan offers that you are eligible for on a single platform. This not only saves you from the hassle of visiting individual bank websites, but also facilitates comparison of the various offers to make a more informed decision.
  • You can know the eligible loan amount even before applying for the loan through our platform.
  • Know the chances of loan approval based on our algorithm called SmartMatch.
  • You can plan your finances by calculating the monthly EMI payouts beforehand using Paisabazaar EMI calculator. You just need to provide the loan amount, tenure and interest rate to know the EMI payable.
  • Get instant conditional e-approval from the lender through our platform.
  • All your details submitted with Paisabazaar.com will be safe as we are ISO 27001:2013

Important Aspects

You should keep the following points in mind before applying for a personal loan:

  • Eligibility Criteria: Check the eligibility criteria carefully and ensure that you meet them.
  • Documentation: Make sure that you have all the required documents to avail the personal loan.
  • Multiple Loan Applications: Do not make multiple loan applications simultaneously as this may lead to multiple hard enquiries of your credit report. This can severely affect your credit score, and hence decrease the chances of loan approval.
  • Credit Utilization Ratio: This refers to the ratio between the amount of credit utilized and the amount of credit available. Make sure you maintain a low credit utilization ratio to increase the chances of loan approval.

Frequently Asked Questions (FAQs)

Q1. What is the turn-around-time for Andhra Bank personal loan disbursal?

While Andhra Bank has not specified the exact time for personal loan disbursal, the loan approval process is typically completed within 4 to 7 working days post the submission of the required documents. The actual disbursal may occur earlier or later depending on various factors such as loan amount, applicant type, loan tenure, etc.

 Q2. What are the various types of Andhra Bank personal loan?

Following are the three types of personal loan offered by Andhra Bank:

  • Andhra Bank Clean Loan: Unsecured loan offered to individuals to meet their personal needs.
  • Andhra Bank Consumer Loan: Secured personal loan offered to individuals to purchase consumer durables and home appliances.
  • Andhra Bank Loan against NSCs, KVPs and LIC Policies: Secured personal loan that uses instruments such as National Savings Certificate (NSC), Kisan Vikas Patra (KVP) or LIC policy offered to individuals to meet their personal needs.

Q3. Does Andhra Bank offer pre-approved personal loan?

Andhra Bank may offer pre-approved loan to some of its existing customers based on their relationship with the bank and credit history.

Q4. What is RLLR?

RLLR stands for Repo Linked Lending Rate, i.e, the interest rate charged on a loan is linked to repo rate. Whenever there is an increase or decrease in repo rate, there is a similar change in the interest rate charged by bank. Hence, RLLR allows greater transparency and faster reflection of rate cuts in the interest rates.

Q5. How can I calculate my EMI for Andhra Bank personal loan?

You can calculate Andhra Bank personal loan EMI for free using Paisabazaar EMI calculator. Use the sliders to specify your loan amount, loan tenure and interest rate to know the monthly EMI payouts.

Q6. How Andhra Bank charges interest on personal loan?

Andhra Bank personal loan interest rate is floating in nature as it is based on repo rate, an external benchmark. Moreover, the interest is charged on reducing balance which significantly reduces the interest component.

Q7. Can I prepay my Andhra Bank personal loan?

Yes, you can prepay Andhra Bank personal loan before the designated due date. This not only helps you to save on the interest component, but also reduces your outstanding debt. Currently Andhra Bank’s personal loan prepayment charges are nil.

Q8. How can I pay Andhra Bank personal loan EMIs?

You can pay Andhra Bank personal loan EMIs at any of the bank branches. Alternatively, you can give standing instructions to deduct the same form your savings account.

Q9. What are the foreclosure charges for Andhra Bank personal loan?

While the foreclosure charges for Andhra Bank Clean Loan and Consumer Loan are nil, nominal charges may apply for foreclosure of loan against NSCs, KVPs and LIC policies.

Q10. Can a pensioner avail Andhra Bank personal loan?

Yes, a pensioner can avail Andhra Bank personal loan, provided they meet the personal loan eligibility criteria as set by Andhra Bank.

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